Incomlend, a Singapore-based invoice finance platform, has raised US$20mn in series A funding with Sequoia Capital India, a venture capital firm, and shipping and logistics group CMA CGM.

The money will be used to drive expansion in Europe, Southeast Asia and North Asia, while advancing Incomlend’s technological development in digital invoice finance underwriting and processing, reveals a statement issued by the firm.

Through Incomlend, exporters can get paid early for supplied goods and services, importers are able to extend payment terms and minimise the risk of supply chain disruption, and investors can access an attractive new alternative asset class.

As suppliers struggle with their cashflow due to lower demand because of the pandemic, Incomlend believes it has a key role to play in making liquidity available to companies in times of such crisis. Meanwhile, on the investor side, capital is protected against debtors’ credit risk through credit insurers. To date, the company has facilitated over US$330mn in financing and covered invoice finance trades across 50 countries.

“International trade is the cornerstone of Asia’s economy, and we aim to help exporters develop their business by providing alternative working capital finance when and where they need it. Our partnership with Sequoia India and CMA CGM is a major milestone for Incomlend’s growth and drive toward creating a stronger, safer and more efficient trade finance environment globally,” says Morgan Terigi, CEO and co-founder of Incomlend.

The funding follows Incomlend launching a new platform in October to provide trade finance services to clients of shipping and logistics group CMA CGM.

The platform, called Shipfin Trade Finance, offers factoring and supply chain finance to exporters and importers across CMA CGM’s network spanning 160 countries. Through Shipfin, the shipping group’s clients will be able to digitally register and undergo an automated due diligence process, trade through finance applications, monitor finance activity through dynamic dashboards and manage their cash online.